Terra (LUNA) price is collapsing as the day unfolds, with price action dropping over 15% intraday. Along with that move, the last remaining bulls are getting kicked out of their positions and taking massive losses to their portfolios. Expect an implosion of price action when the last line of defence at $1.937 gives way.
Terra price dials 911 as the house is on fire, and it is every man for himself. As the rule of women and children first does not apply in financial markets, traders are jumping on every bid order they see to offload their positions. The sell-side seriously outweighs the buy-side, which can only be solved if price action walks lower to find a new equilibrium.
Thus, LUNA needs to brace itself for a slide towards $1.9370 and, in the process, book a whopping 20% intraday loss. To make matters worse, that support level may not hold if more and more investors turn their back on markets and are not present to support price action. Expect, in that case, a total implosion of the buy-side that will see LUNA price dip towards $1.3494 around the 61.8% Fibonacci level and print a new low for June.
LUNA/USD daily chart
Besides a thousand hail marys to salvage price action, a push-back on dollar strength could also pull up price action in Terra and see some paring back of current losses. Should that continue into the weekend, LUNA price could possibly trade back to $2.6987 near the 23.6% Fibonacci level, suggesting a bullish reopening next week on Monday, as the summer starts and a second soft path in the price action could get underway.
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